Wellspring Capital Management Acquires Jen-Coat

NEW YORK—August 5, 2010—Wellspring Capital Management LLC announced today that it has acquired Jen-Coat, Inc., a flexible packaging manufacturer in the food, healthcare and industrial segments, from CGW Southeast Partners. Jen-Coat is the first subsidiary of a new holding company formed by Wellspring and industry executive Harold Bevis. Financial terms of the transaction were not disclosed.

Based in Westfield, MA, Jen-Coat’s products are composite substrates used in demanding applications such as composite food packaging structures, flexible lidding substrates, single-use packets/sachets, composite medical substrates, label products and release liners. The Company can combine virtually unlimited substrates (paper, fabric, film and foil) into single composite substrates to meet specific performance attributes such as flavor control, shelf life, moisture vapor transmission rates, oxygen transmission rates and package mechanical integrity. The Company uses sophisticated manufacturing technology including extrusion coating and laminating, adhesive laminating and metalization. A significant portion of the Company’s products are printed and the Company utilizes state‐of‐the‐art 10-color printing equipment. The Company’s facilities are compliant with food industry and medical industry requirements.

A recognized leader in packaging innovation, Jen-Coat is well‐known for its technical and product development expertise, and is one of the first to offer environmentally friendly solutions. The Company’s excellent reputation and collaborative approach has yielded long‐term, blue‐chip customer relationships. A significant portion of the Company’s revenue is conducted under proprietary, multi‐year contracts.

Bevis will serve as Chairman and CEO of the new holding company. Bevis has led three successful private-equity backed build-ups, creating significant value through operational improvements, internal growth programs, acquisitions and team building. He most recently served as CEO of Pliant Corporation, a producer of value-added film products, which he led through a complete operational turnaround to a successful sale. Bevis and Wellspring plan to grow the new company through capex investment, internal initiatives and acquisitions in order to better serve its customers.